All Forum Posts by: Richard Singh

Hey @Mike Cumbie

I'm in NJ BTW. With respect to their lawyer, he did give me time to approve lease, but they did not provide the full lease during that time frame and it just fell to the wayside. My instinct tells me they were working me to push the deal through. I trusted my realtor who specifically detailed the tenant as MTM in various communications. I should have confirmed regardless. 

I did just find out about the government protections being extended, so no it would have no teeth. It's 6 months and a loss of rent of $3k. I'm 15% down on 420k - so if I rent the bottom unit at a modest rate I'll be at $300 cash flow conservatively. 

It still works, but sucks to tie up all this money without the expected $1000+ cash flow a month. 

There isn't much recourse now and not a huge sum, but am I justified in feeling my lawyer and realtor dropped the ball here? This is a first time purchase. Thanks!    

Hey guys,

I've reached out previously on some reno related questions on what was up to this point a smooth process.

Recap: I'm buying a 2 family in Guttenberg with an existing Section 8 tenant that was presented as month to month. Goal was to submit 60 day notice. 

Update: I found out the week of closing after finally getting a lease agreement from the housing authority that the tenant is actually on a year lease ending in February. The tenant is paying about $800 under market value, and slows down my plans for renovation. My realtor's firm represents both buyer and seller. When asked for a lease, the seller's lawyer and realtor dragged it on and only sent HAP voucher details, but never a lease. We continued to ask but it was not presented, and somehow it just got skipped over and we went on their word. I clearly see my mistake in due diligence, but I give myself a pass since I assume this was my realtor's or lawyer responsibility to advise me here. 

So my question is, where did I go wrong? Who's responsibility was it to confirm lease? What should I expect from a lawyer and realtor?

I've lost a-lot of trust in my realtor and their firm - and also my lawyer - but I do know at the end it's my responsibility. Would love to hear your opinions for future deals.

That makes sense, thanks for the alignment here. 

Hey all,

Purchasing a 2 family (owner occupied) in Guttenberg and would like to know what work can be done without a permit? I may not do some of this work myself, but have some great handymen that can do the work at a lower cost. 

I was also a bit confused by the "other than dwellings" classification in this Ordinary Maintenance/Minor Work doc: https://www.nj.gov/dca/divisions/codes/alerts/pdfs/OM_MW_03052018.pdf

Worth adding that I will have my contractor license in NJ sometime in August.

Here are some things I was hoping to do:

1. Renovating existing bathroom including reworking existing plumbing.

2. Replace Hot Water Heater

3. Renovate Kitchen including redoing the sink plumbing.

4. Replace return and supply steam pipes for radiators with PEX, run in-wall.

5. Adding a door to close off a section of the hallway. See pic attached.

6. Line chimney

7. Replace some bathroom plumbing in basement.

Thanks for the help.

The heating will be for both units, but the electrical is split - so RUBS it is.  Thanks for the tip, on the advertised rent - seems fair also to the tenant. 

Window Units would drop the renovation costs dramatically, so that's great to hear. Alternatively, do you need a licensed HVAC contractor to install ductless? I do know there is some electrical work that must be licensed, but as a general contractor can I do the install and hire someone to do the actual hookup in order to save?


Appreciated @George W.

That's great to hear, huge savings on the boiler and water heater.

The chimney is internal, but it's also lined and used for venting from the current oil burner. Carbon Monoxide running through the home gives me the heebie jeebies, and the chimney ruins the layout of the kitchen. Glad to hear it can be direct vented.

Whats up guys!

After a 6 month search, I just put my first property under contract in Guttenberg - a 2 family fixer upper. 2200 sq ft, 3/1 each floor. I definitely dove off the deep end with this one, as it needs:

1. Underground Oil Tank Removal (Test results came back negative and it's in the front yard under grass)

2. Full Kitchen Renovation

3. Chimney right smack in the kitchen that has to be removed.

4. Oil Burner that needs to be swapped or converted

5. Asbestos on the pipes (200' roughly)

6. A backyard that hasn't been maintained in years

Amongst a few other things. It's been exciting to go through the process and figure out what to do and where to spend. I did have a few questions that maybe you guys could help with?

To preface, I have a HIC license and have done work before with family members, but this will be my first solo project. 

1. Most of the comps in the top rental bracket have central air and baseboard heating. I currently have hydronic radiators. Will adding ductless A/C's carry the same value to renters? Would converting to baseboard heating appeal more to renters? Any of this matter in regards to ARV?

2. Does anyone have experience/advice removing a chimney? It's currently used for venting the boiler, but I presume that can be rerouted.

3. For investors in this area, what have been the best ROI improvements done to your multifamily.

4. To go tankless or not? I've read multiple threads here, it seems to be split. The leading advice seems to be stick to gas boiler and water tank, keep it simple.

Whew, that's alot. Any help on any of these questions would be greatly appreciated. Also, would love to meet for coffee or lunch with anyone in the area. My goal is to become an active investor/rehabber after this first project. 

Hey guys,

Have been lurking here for a while and getting closer to making my first offer. Reached out to some super helpful people on this board and thought I'd get the community's feedback on this one.

I've narrowed my search to JC due to AirBnB laws changing in support of owner occupants. My assumption is the inventory will get lower as units come off the market due to this requirement, making it a great market for those who can comply. In addition, I recently looked at building where 2 of 3 units are generating more income than long term rentals...consistently for multiple years.

Would love to hear feedback from those who are current hosts and those who are thinking of have thought about it in the past. 

- What am I missing?

- If I purchase a 3-4 family, is there any friction when getting permits for Short Term Rentals?

- Experiences as a host from a financial and management standpoint?

Here is the information I currently have about this, which seems comprehensive:

https://www.airbnb.com/help/article/2682/jersey-city-nj

Here is the FAQ for the form:

https://www.cityofjerseycity.com/UserFiles/Servers/Server_6189660/Image/City%20Hall/Housing%20Economic%20Development/HousingPreservation/FAQ%20-%201-3-20.pdf

Thanks and excited to be here!

Hey guys, New to the board and looking for JC properties also. Would love to meet also.